Aliassmith Beats a "Dead Horse"

[aliassmith]

This chart is the 3rd hour of the session with profit opportunity.
The hour after looks like a loss.
The next couple hours after that have profit opportunities.

I would have to live trade it more and observe its behavior.
I'm not claiming holy grail its probably useful as any other decent method.

You would still have to figure out an entry method that maintains/increases edge
along with an exit method.

Maybe MO was on to something when he said take a trade this hour and wait until next hour to look for a new one.

[aliassmith]

First example of what I am seeing.
The TRO_Mid_Dot is set with my period to 1 hour.
That is a higher timeframe bias.
Short is below the bias dots in this example
The entry is when the red 5M candle closes.
The stop is above the high of that same candle.
The measuring tool shows these points with the possible profit taking areas.

I see, this was a previous midpoint cross? Interesting.

Not a cross exactly. If you are above the dots then look for longs, if below look for shorts.

[aliassmith]

Live Short on DOW for 2R

[LeMercenaire]

Just thinking about the previous midpoint suggestion. A candle needs to close lower(or higher) to show a previous midpoint. For the 1hr example, So technically if price closes lower, we are automatically trading with this bias. I can't see the benefit yet, if you are trying to follow the trend.

The makes more sense if perhaps a trader if trying to get on the early reversal, but even then how often does price go all the way past the previous midpoint and drop all the way down forming a wick, intraday.

Sorry if I’m misunderstanding you, but the H1 midpoint is above the close (in a downtrend), so that allows for some retrace upward without changing the bias..... and we would enter on the reversal back in the direction of the bias, if it fits the criteria of Aliassmith’s entry.

But then, what's the point? You'd be entering at the close of a RED MOMO candle anyway, which gives an inherent bias.

[LeMercenaire]

Also, regarding entry, if you want higher percentage wins, I’d look at:

1. MA angle (steeper is better)
2. earlier is better (of course)
3. shorter candles on the reversal are better

I’ll post a chart later, but I think the explanation above is easy to see when you look at a chart.

FYI: not sure this follows Aliassmith’s entry rules exactly

Problem with these, is although all are true as stated, when running live, if you see a colour change and then MOMO trigger, if the trigger candle is early in the move, the ma will not - at this time - be at a steep angle. However, should the move go on to play out well, then looking back at it, the ma will be (at a steep angle).

That's why I personally prefer a move that shows as 1: Colour Change in ma...2: MOMO candle...3: Second MOMO candle that is close to the first one and with a clean look off the ma.

[LeMercenaire]

First example of what I am seeing.
The TRO_Mid_Dot is set with my period to 1 hour.
That is a higher timeframe bias.
Short is below the bias dots in this example
The entry is when the red 5M candle closes.
The stop is above the high of that same candle.
The measuring tool shows these points with the possible profit taking areas.

What this chart shows, is for me, the actual best benefit to the middots info: that of continuation bias.

By that, I mean, if you look at the trade as it is already running (I see no advantage in using the dots for entries) then you get to your first target and then a period of contraction. Many will bail there, happy with 1:1, especially if it goes sideways for a decent interval, myself probably included.

However, using the middots, you can see that price has stayed below that level, so this could give a deeper level of confidence in any decision to hold and let it run.

In this case at least, this would then have paid off well.

[imparare]

Took a counter, Market is crawling now . Out +1.


This might go up, or it might not.

[imparare]

And there she goes..

[LeMercenaire]

Took a counter, Market is crawling now . Out +1.


This might go up, or it might not.

It's 02:30 here in the UK. You're not going to see much sense from Cable at that time, lol.

[forexjpn]

Just thinking about the previous midpoint suggestion. A candle needs to close lower(or higher) to show a previous midpoint. For the 1hr example, So technically if price closes lower, we are automatically trading with this bias. I can't see the benefit yet, if you are trying to follow the trend.

The makes more sense if perhaps a trader if trying to get on the early reversal, but even then how often does price go all the way past the previous midpoint and drop all the way down forming a wick, intraday.

Sorry if I’m misunderstanding you, but the H1 midpoint is above the close (in a downtrend), so that allows for some retrace upward without changing the bias..... and we would enter on the reversal back in the direction of the bias, if it fits the criteria of Aliassmith’s entry.

But then, what's the point? You'd be entering at the close of a RED MOMO candle anyway, which gives an inherent bias.

Not sure I'm getting you, my comment is based on one using the midpoints of the previous hour, so if they are using it as a bias they would enter short if there is an entry pattern below it. It is different from using the direction of the full candle as bias.
If I'm missing something completely obvious forgive me, but I cant figure out how RED MOMO bias would be the same as below midpoint of previous hour?
(not being an ass here, I'm sure you guys know, but its difficult to show it in writing,lol)